Technical indicators are encouraging for Solarvest, says JF Apex

Technical indicators are encouraging for Solarvest, says JF Apex
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KUALA LUMPUR (August 11): JF Apex Securities Berhad said Solarvest Holdings Berhad (0215) gained 3 sen to 77.5 sen yesterday to break the 100-day moving average at 76 sen.

In a technical stock pick note on Thursday (Aug 11), the research house said yesterday’s gain broke the downtrend from RM2.21 in February 2021.

“Technical indicators are encouraging as the RSI (reading at 67) is pointing towards the overbought zone while the MACD is trending above its signal line in the positive region.

“For the downside, if price falls lower, the first stop loss levels stands at 69 sen, marked by its 50- day moving average,” it said.